OUR THOUGHTS ON:

Transportation-Propane Credit and Alternative Fuel Credit Extended Through 2013

Transportation & Logistics

By Jason Droske

The American Taxpayer Relief Act of 2012 extended the Alternative Fuel Tax Credit and the Alternative Fuel Infrastructure Tax Credit through December 31, 2013. In addition to extending the tax credits through 2013, the provisions were also made retroactive for 2012.

Warehousing and business operations with propane-powered motor vehicle equipment (forklifts and tow-motors) will continue to receive the popular 50-cents-per-gallon tax credit in tax years 2012 and 2013.

Trucking operations and others that install qualifying "Alternative Fuel Infrastructure" property will benefit from a 30% tax credit, not to exceed $30,000 based on the cost of the qualifying property.

The rules pertaining to both the Alternative Fuel Tax Credit and the Alternative Fuel Infrastructure Tax Credit have not changed. The American Taxpayer Relief Act of 2012 merely changed the effective dates of the tax credits, making the credits available for all of 2012 and extending the benefits through December 31, 2013.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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